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X-8092 FEDERAL RESERVE BOARD STATEMENT FOR THE' PRESS For immediate r e l e a s e . October 23, 1934. INDIVIDUAL1S PARTICIPATION IN A JOINT ACCOUNT NOT TO BE COMBINED WITH HIS INDIVIDUAL ACCOUNT. Ruling No, 31. interpreting Regulation T. The Federal Reserve Board has been asked -whether a certain individual's proportionate share of the excess loan value i n a j o i n t account carried f o r such individual and certain other persons j o i n t l y may be combined with the individual's personal account carried simultaneously with the same broker i n order that such personal account may be considered as an unrestricted rather than a r e s t r i c t e d account under Regulation T. In reply the Board points out that the individual i n question i s a "customer" within the meaning of the d e f i n i t i o n i n section 2(m) of the regulation and that the parties to the j o i n t account as a group constitute a separate and d i s t i n c t "customer" within the meaning, of such d e f i n i t i o n and accordingl y advised that the individual's personal account may not be considered an unrestricted account because of the presence of excess loan value in the j o i n t account unless the parties to the j o i n t account acting j o i n t l y have, i n writing, guaranteed the individual's personal account for an amount s u f f i c i e n t to make i t an unrestricted account.